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Comoros

Legal form:

LLC, LLP, PLC

Delivery:

3 months

Price: $

1500

Payment methods:

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Requirements:

Document checklist:

Local legal address (Handled by B2B Hub) 

1.Passport
2.Proof of Residence 

Registrar

Organization name

Comoros Ministry of Finance, Budget and Banking

Abbreviation

Country

Comoros

Phone

+269 773 18 89

Listing
UK comapny formation (1).webp

About

Comoros

Capital
Official languages
Population 
Currency

ISO 4217

Moroni

French, Arabic, and Comorian (Shikomor)

869,601

Comorian Franc

KMF

FAQ

Frequently Asked Questions for Company Formation in Comoros:


1. What are the types of companies that can be formed in Comoros?

   - Comoros offers two types of company formations: Société à Responsabilité Limitée (SARL) and Société Anonyme (SA). 


2. What is a SARL company in Comoros?

   - SARL is a limited liability company in which the liability of each partner is limited to the amount of capital that they have invested. This type of company requires a minimum of two partners and has a maximum of 100 partners.


3. What is an SA company in Comoros?

   - SA is a public limited company in which the liability of each partner is limited to the amount of capital that they have invested. This type of company requires a minimum of seven partners and has no limit on the number of partners.


4. What is the minimum capital requirement for company formation in Comoros?

   - The minimum capital requirement for forming a SARL in Comoros is XOF 1,000,000, while the minimum capital requirement for forming an SA in Comoros is XOF 10,000,000.


5. What is the procedure for company formation in Comoros?

   - The procedure for company formation in Comoros involves the following steps:

     1. Reservation of the company name

     2. Drafting of the company articles of association

     3. Obtaining a certificate of deposit of funds

     4. Registration of the company with the commercial registry


6. What are the taxes that companies in Comoros are subject to?

   - Companies in Comoros are subject to corporate income tax, value-added tax (VAT), and withholding tax.


7. What are the compliance requirements for companies in Comoros?

   - Companies in Comoros are required to file an annual tax return and to maintain proper accounting records. They are also required to hold annual general meetings and to file an annual report with the commercial registry.


8. What are the restrictions on foreign ownership of companies in Comoros?

   - There are no restrictions on foreign ownership of companies in Comoros. However, foreign investors must obtain a certificate of deposit of funds from a local bank before they can register their company.


9. Can a foreigner be a director in a Comorian company?

   - Yes, a foreigner can be a director in a Comorian company.


10. How long does it take to form a company in Comoros?

    - The time it takes to form a company in Comoros varies depending on the complexity of the company structure and the efficiency of the registration process. On average, it takes about 2-4 weeks to complete the registration process.

Economy

The economy of Comoros is largely based on agriculture, with some fishing and forestry. According to the World Bank, the GDP of Comoros in 2019 was $1.2 billion, with a growth rate of 3.2%. The unemployment rate in Comoros is estimated to be around 25%, with the majority of the population living in poverty. The main exports of Comoros are cloves, vanilla, and ylang-ylang, with the main imports being food, machinery, and petroleum products. The country also relies heavily on foreign aid, with the World Bank providing $50 million in 2019. The Comorian government has implemented a number of reforms to improve the economy, including the introduction of a new tax system and the privatization of some state-owned enterprises. Despite these efforts, the economy of Comoros remains fragile and vulnerable to external shocks.

Taxation

Comoros is a small island nation located in the Indian Ocean. The taxation system in Comoros is regulated by the General Directorate of Taxes and Customs (DGID) under the Ministry of Finance. Both individuals and corporations are subject to taxation on their income in Comoros.


Personal Income Tax:

In Comoros, individuals are required to pay taxes on their income, including salaries, wages, and other sources of income. The tax rate is based on a progressive tax system, where the tax rate increases as the income increases. The tax rates for individuals range from 0% to 30%, depending on the income level. The tax year in Comoros runs from January 1st to December 31st.


Corporate Income Tax:

Corporations in Comoros are also required to pay taxes on their income. The corporate income tax rate in Comoros is a flat rate of 35%. However, there are some tax incentives available to companies in certain industries and regions. The tax year for corporations in Comoros is also from January 1st to December 31st.


Process and Calendar for payments:

In Comoros, the tax payment process involves filing a tax return and paying the tax due within a specific deadline. For individuals, tax returns are due on April 30th of the following year. For corporations, tax returns are due within four months of the end of the tax year.


In addition to income taxes, there are other taxes and fees that individuals and corporations are required to pay in Comoros. These include value-added tax (VAT), stamp duty, and social security contributions.


It's also worth noting that Comoros has signed tax treaties with some countries to avoid double taxation on foreign companies that do business in Comoros.


In summary, Comoros requires both individuals and corporations to pay taxes on their income. The tax rates are based on a progressive tax system for individuals and a flat tax rate for corporations. Tax returns are due within specific deadlines, and there are other taxes and fees that individuals and corporations are required to pay.

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